Oliver Luck sues Vince McMahon

[4th&long]

I'm guessing Luck is just going after VKM personally to try to jump the bankruptcy creditors line as opposed to ending up with the rank and file and likely collecting pennies on the dollar. Seems unlikely but he may be going after some quick cash to go away.

No, this is the problem. Luck gets nothing from bankruptcy because he isn't listed as a creditor at all. The coaches at least were allowed to keep their contracts. Luck's was terminated. Suing is literally his only option to get paid anything.

Luck got paid thru April 9th just like the coaches (for the most part), unless it was back loaded. But assuming it was weekly he got paid. The coaches lost their future money, they will be wiped clean in bankruptcy.

I'm not some VM fan saying this, but he paid everyone more than I would for a suspended season.

[XtremeFanForever]

I'm guessing Luck is just going after VKM personally to try to jump the bankruptcy creditors line as opposed to ending up with the rank and file and likely collecting pennies on the dollar. Seems unlikely but he may be going after some quick cash to go away.

No, this is the problem. Luck gets nothing from bankruptcy because he isn't listed as a creditor at all. The coaches at least were allowed to keep their contracts. Luck's was terminated. Suing is literally his only option to get paid anything.

Luck got paid thru April 9th just like the coaches, unless it was back loaded. But assuming it was weekly he got paid. The coaches lost their future money, they will be wiped clean in bankruptcy.

Right but they're still recognized as creditors so they can still pursue their lost wages. Luck is not, so a lawsuit is his only recourse. So here we are.

[4th&long]

No, this is the problem. Luck gets nothing from bankruptcy because he isn't listed as a creditor at all. The coaches at least were allowed to keep their contracts. Luck's was terminated. Suing is literally his only option to get paid anything.

Luck got paid thru April 9th just like the coaches, unless it was back loaded. But assuming it was weekly he got paid. The coaches lost their future money, they will be wiped clean in bankruptcy.

Right but they're still recognized as creditors so they can still pursue their lost wages. Luck is not, so a lawsuit is his only recourse. So here we are.

This is Chap 11 - the court will wipe those out - they will not be able to pursue those lost (future) wages. All "earned" wages were paid and more.

[XtremeFanForever]

Luck got paid thru April 9th just like the coaches, unless it was back loaded. But assuming it was weekly he got paid. The coaches lost their future money, they will be wiped clean in bankruptcy.

Right but they're still recognized as creditors so they can still pursue their lost wages. Luck is not, so a lawsuit is his only recourse. So here we are.

This is Chap 11 - the court will wipe those out - they will not be able to pursue those lost (future) wages. All "earned" wages were paid and more.

Right, but the point is their contracts are still recognized. What was different about Luck?
Moreover, it's foolish to think Luck is trying "to jump the bankruptcy creditors line as opposed to ending up with the rank and file" since he has no claim in bankruptcy court to begin with.

[4th&long]

Right but they're still recognized as creditors so they can still pursue their lost wages. Luck is not, so a lawsuit is his only recourse. So here we are.

This is Chap 11 - the court will wipe those out - they will not be able to pursue those lost (future) wages. All "earned" wages were paid and more.

Right, but the point is their contracts are still recognized. What was different about Luck?

Well the difference is Luck has a 5 year contract worth $20-25 million assuming that $5mm a year - his remaining comp per the contract was 3/5 yrs. By firing OL the XFL obsolves itself of those future $$$ amounts. His contract - as listed in link below - could only be terminated by cause. Now that could make it more difficult to be liquidated in Chap 11 bankruptcy. What that cause is will come out in court but VM's lawyer stated it would be presented at that time.

https://xflnewsroom.com/news/oliver-luc ... rmination/

>> In his suit, Luck says he received a termination letter spelling out the case against him on April 9. He says the allegations are pure BS and he denies any wrongdoing.
Luck says he fulfilled his end of the bargain, running the league since its resurrection in January 2018 — only to be “wrongfully terminated.”
As for the specific allegations, Luck redacted the details in his lawsuit, most likely due to a confidentiality agreement he signed with the XFL. Luck is suing Vince personally seeking to hold him responsible for paying out a guaranteed portion of his contract.
Luck, as well as other top executives, were missing from the XFL’s bankruptcy filing on April 13. His suit notes that he was never listed as a creditor because Alpha Entertainment, McMahon’s entity, filed to reject many executive contracts at the same time as filing their petition.<<

https://xflnewsroom.com/news/vince-mcma ... s-lawsuit/

Per link:
>>“Oliver Luck’s services as Commissioner and CEO of the XFL were terminated by a letter sent to him on April 9, 2020, which explained the reasons for the termination,” McMahon’s lawyer Jerry McDevitt of K&L Gates told The Action Network. “As to the lawsuit he filed, his allegations will be disputed and the position of Mr. McMahon will be set forth in our response to his lawsuit.”<<

Perhaps this just makes the XFL (alpha) easier (cheaper) to buy lock stock and barrel.

But will know more on VM's 'logic' here sooner than later...

[XtremeFanForever]

Well the difference is Luck has a 5 year contract worth $20-25 million assuming that $5mm a year - his remaining comp per the contract was 3/5 yrs. By firing OL the XFL obsolves itself of those future $$$ amounts. His contract - as listed in link in above post - could only be terminated by cause. Now that could make it more difficult to be liquidated in Chap 11 bankruptcy. What that cause is will come out in court but VM's lawyer stated it would be presented at that time.

This was my point. You can understand why some might are suspicious of McMahon's actions.

[4th&long]

Well the difference is Luck has a 5 year contract worth $20-25 million assuming that $5mm a year - his remaining comp per the contract was 3/5 yrs. By firing OL the XFL obsolves itself of those future $$$ amounts. His contract - as listed in link in above post - could only be terminated by cause. Now that could make it more difficult to be liquidated in Chap 11 bankruptcy. What that cause is will come out in court but VM's lawyer stated it would be presented at that time.

This was my point. You can understand why some might are suspicious of McMahon's actions.

I can understand that the XFL is going through Chapter 11 - ie debts will be expunged. OL will not collect on future obligations regardless. If he got paid thru April 9th he got paid what he worked through.

That is my point. You can understand why some might be unconcerned if Oliver Luck is not paid for unperformed future work for a defunct organization.

Just like anyone else losing a job for a company going out of business. Nothing against OL but hundreds lost their job he made $8-10 million 2018-2020 - poor guy.

[XtremeFanForever]

I can understand that the XFL is going through Chapter 11 - ie debts will be expunged. OL will not collect on future obligations regardless. If he got paid thru April 9th he got paid what he worked through.

He had a contract. Just the same as Stoops, Moss, and all the other coaches. The league was under obligation to pay him. Whether they have to means to is another matter.

Just like anyone else losing a job for a company going out of business. Nothing against OL but hundreds lost their job he made $8-10 million 2018-2020 - poor guy.

This is a nonsequitur. The law doesn't care if Luck is wealthy. It does care if his contract was unjustly terminated.

[johnnyangryfuzzball]

All I can say is... what a mess.

[Firecop]

Well now you know it's over at least in its initial form!